European Metals Holdings Limited (LON:EMH) this morning announced a further upgrade of its JORC compliant Indicated Mineral Resource at the Cinovec Lithium/Tin Project in the Czech Republic, confirming its status as the largest Lithium resource in Europe
European Metals Managing Director Keith Coughlan said, “This drill program targeted areas of low historic data density with the aim of bringing these areas, which lie adjacent to the planned initial mining area, to Indicated Resource category so they can be used in the ongoing definitive feasibility study. The drilling was a success with some large areas of higher grade mineralisation defined in the target area.
On the back of this resource upgrade, we have commenced an optimisation of the mine design. When complete, this will allow finalisation of a grid drilling program for upgrading parts of the Indicated Resource to Measured Resource to facilitate the definition of proven reserves for the definitive feasibility study that is progressing well.”
The Company has recently completed a four-month drilling campaign at Cinovec South, comprising six core drillholes for 2,697.1m meters, with the goal of closing ‘gaps’ in the existing resource model in and around the initial planned mining areas and upgrading part of the resource from the Inferred category to the higher confidence Indicated category. The results, summarised below, are satisfactory and exceeded expectations.
* For the entire Cinovec deposit (South and North), the
drilling added 39.4 Mt of Mineral Resource grading
0.41% Li(2) O and 0.04% Sn (0.1% Li cutoff), or 220kt
tonnes of lithium carbonate (LCE).
* Majority of resource increase (97%) is at Cinovec
South where initial mining is planned.
* The Indicated Mineral Resource category increased by
7% to 372.4Mt@0.44% Li(2) O.
MINERAL RESOURCE UPGRADE
Independent expert Lynn Widenbar of Widenbar and Associates updated the Mineral Resource Estimates. Mr Widenbar has compiled all resource estimates at Cinovec to-date.
Table 1: Cinovec Project Mineral Resource Estimate November 2017 (0.1% Li Cutoff)
CINOVEC NOVEMBER 2017 RESOURCE
---------------------------------------------------------
Cutoff Tonnes Li Sn W
----------- -------- ----------- ------ ----- ------
% (Millions) % % %
----------- -------- ----------- ------ ----- ------
0.1 %
INDICATED Li 372.4 0.206 0.04 0.016
----------- -------- ----------- ------ ----- ------
0.1 %
INFERRED Li 323.5 0.183 0.04 0.013
----------- -------- ----------- ------ ----- ------
0.1 %
TOTAL Li 695.9 0.195 0.04 0.014
